«If I were to trim back to 20-25, I would start with my largest positions. (They are intentionally largest.) JNJ, DIS, AAPL, PG, MMM, MDT, KMB, CVS, UNP, MSFT, INTC, CSCO, HON, UTX, UL, SYY.Might add DEO, NVS, and NSRGY to that. Would need to choose one REIT (likely O) and two utilities (NEE and ???).
ETN? Nope, not enough of a moat.
NKE? Nope, too pricey.
GIS? Nope, too weak.
ITW? Yeah, maybe, but I’ve already listed four Industrials. Would have to think hard before adding a fifth.
As you can see, I’m starting to struggle a little at this level… I would not own any pure pharma (though NVS is approaching that), or any of the weaker credit scores aside from CVS, or anything with a P/E over 25. To concentrate my portfolio I would need to focus on those stocks that most precisely represent what I am trying to find.»